MDP Urges Public Accounts Committee to Question MMA Governor on Dollar Crisis

The Maldivian Democratic Party (MDP) has requested the Governor of the Maldives Monetary Authority (MMA), Ahmed Munawar, to be summoned before the parliamentary Public Accounts Committee to answer questions over the country’s deteriorating foreign exchange situation.

Hussain Amr, chair of the MDP’s Microeconomic Committee, made the request in a letter to Parliament Speaker Abdulraheem Abdulla dated August 9, describing the foreign exchange situation as being in “dire straits” and calling for immediate action.

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According to Amr, the unofficial market rate for US dollars has risen from MVR 17.40 in July 2024 to MVR 22.10, while the official exchange rate remains at around MVR 15.42 per US dollar.

ރާއްޖޭގެ ބޭރު ފައިސާގެ އެކްސްޗޭންޖްގެ ހާލަތު އިންތިހާއަށް ގޯސްވެގެންދާތީ، މިކަމާމެދު އެމްއެމްއޭގެ ގަވަރުނަރު މަޖިލީހަށް އަވަސް ގޮތެއްގައި ހާޒިރުކޮށްދިނުމަށް އެދި އެމްޑީޕީގެ މައިކްރޯއިކޮނޮމިކް ކޮމެޓީއިން ރައްޔިތުންގެ މަޖިލީހުގެ މާލިއްޔަތު ކޮމިޓީއަށް، ރައްޔިތުންގެ މަޖިލީހުގެ… pic.twitter.com/j5CH0Xa4UD— MDP Secretariat (@MDPSecretariat) August 11, 2026

He said the difference means that USD 1,000 would cost MVR 22,100 at the unofficial rate, compared with MVR 15,420 at the official rate — a difference of MVR 6,680.

The MDP said the rising dollar rate affects the wider population because the Maldives relies heavily on imports. It argued that higher foreign exchange costs are contributing to increased prices of everyday goods and reducing household purchasing power.

Amr also questioned how the unofficial or “black market” for US dollars could operate so openly if the MMA is effectively regulating the foreign exchange market.

The MDP wants the Public Accounts Committee to question the MMA governor on:

• Why the market rate has risen from MVR 17.40 to MVR 22.10.
• Why the market rate is significantly higher than the official rate of MVR 15.42.
• What measures the MMA has taken since January 2024 to maintain the foreign exchange rate and what results those measures have produced.
• What action the MMA is taking to stop the black market and why it continues to operate.
• The MMA’s assessment of the impact of the rising dollar rate on households.
• The MMA’s plans to make US dollars available again at a regulated rate.

The MDP said the MMA, as the institution responsible for maintaining monetary stability and regulating the foreign exchange framework, must be held accountable for the situation.

The request comes as the unofficial dollar rate continues to rise. Tracking platforms currently put the rate at around MVR 22.23, approximately MVR 6.80 above the MMA’s official selling rate and a premium of about 44 percent.

Minister Saeed Blames Speculation

The request also follows comments by Economic Development, Transport and Trade Minister Mohamed Saeed, who acknowledged the existence of a dollar black market while speaking on state media’s Iqthisaadhuge Dhe Faraiy programme on Monday night.

Saeed said he had heard reports of dollars trading at MVR 21, MVR 22 and MVR 23 on the unofficial market. He criticised media reports that publish black-market exchange rates in headlines, arguing that such coverage could create panic and influence the market.

Nasheed Rejects Speculation Explanation

Former President and MDP Chairperson Mohamed Nasheed criticised Minister Saeed’s remarks in a post on X today, arguing that the rising dollar rate is caused by a shortage of US dollars rather than media speculation.

USD ge agu mahchah dhanee meehun dollaruge vaahaka dhahkaathee kamah (speculation) ge sabun kamah sarukaarun bune’, haqeeqaiy olhuvaalumakee mi vaguthu Dhivehi iqthisoadhah dheveyne enme bodu dhera. Dollaruge agu mahchah dhanee Dollar netheema. MMA aai Finance ministry in…— Mohamed Nasheed (@MohamedNasheed) August 11, 2026

Nasheed said concealing the shortage would cause greater harm to the economy and called on the government to engage with the MDP on the issue. He also warned that further increases in the dollar rate could contribute to higher inflation and rising prices.